All Forum Posts by: Jake Silcott

You might want to consider looking at a small bank or credit union for the HELOC. The rates are usually lower. We got ours at an introductory 12 month rate of 1.99%, after that it goes up to 3.85%. Also, they use a 90% LTV and waived all fees and costs. If you do some google searching you can find who currently has promotions going on. Best of luck.

Got it. Thanks for the insight @Jon Holdman 

@Jon Holdman 

@JonHoldman how much do you recommend budgeting for maintenance/cap expenses? 

Thanks for the feedback @Eric Belgau. I will take that advice. Take care.

On a fix n flip is it necessary to have hazard insurance in addition to vacant location and rehab insurance? So, would you guys get all 3, just 1, or a combination of 2?

Thanks so much!!

Jake

Hi everyone, can anyone shed some light on when different types of insurance are appropriate? For example, are the following types of insurance necessary for rehab projects, buy and hold properties, LLC protection, etc.?

Hazard Insurance-buy and hold? Fix n flip?

Vacant Insurance-Fix n flip?

Renovation Insurance-Fix n flip?

General Liability-LLC? Buy and hold? Fix n flip?

Landlord Insurance-Buy and hold?

Any others I am missing that I should know about?

Recommended companies?

Thanks so much!

Thanks @Steven Hamilton II

Thanks @Steven Hamilton II It seems that we would then need a good insurance policy to go along with the partnership, since we wouldn't be getting the liability protection provided by an LLC. Is that correct?

When you say "fill out a partnership return", are you referring to our income taxes?

Thanks a bunch for the insight guys!

Yes, that makes sense. Thanks Steven.

Can anyone suggest a way to make it work well without forming a new entity? I'd rather just use the one I already have if possible.